Cuttack: The Orissa High Court has cancelled the re-engagement of retired bureaucrat Gopabandhu Satpathy as managing director (MD) of Odisha State Cooperative Bank Ltd, Bhubaneswar.
While hearing a PIL filed by Benu Madhav Tripathy, the two-judge bench of Chief S Muralidhar and Justice M S Raman observed that the re-engagement was done without the mandatory approval of RBI and Registrar of Cooperative Society. The court ruled that “it is unsustainable in law as per the Banking Regulation Act”.
Satpathy was re-engaged with effect from March 1, 2022, for a period of one year. The petitioner had challenged the General Administration and Public Grievance Department in this regard and sought the HC’s intervention for quashing it.
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